Qwest 's £929m loss still to be ratified

QWEST, the US local phone company which is in the process of restating its results for the past few years, today said that it lost $1.43bn (£929m) in the three months to end June compared with losses of $3.3bn a year earlier.

But it warned the figures were struck before it had worked out the scale of impairment charges it would have to make for the quarter.

It also said it was still working with its new auditors on the scale by which it will have to restate its figures for the past two years. This, and the inquiry by the US Securities and Exchange Commission, means its chief executive Richard Notebaert is unlikely to be able to file a sworn statement on the accounts by next Wednesday's deadline.